REG - Rio Tinto - Revised funding arrangements with Turquoise Hill

Rio TintoAnnouncement

19/05/2022 07:00

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RNS Number : 0265M  Rio Tinto PLC  19 May 2022

Rio Tinto agrees revisions to funding arrangements with Turquoise Hill
Resources

Rio Tinto has agreed to amend the previously agreed funding plan with
Turquoise Hill Resources (TRQ) (9 April, 2021) in order to provide liquidity
of up to $400 million in short-term early advances, while the Special
Committee of TRQ evaluates Rio Tinto's C$34 per share all-cash proposal to
acquire the approximately 49% of the issued and outstanding shares of TRQ that
Rio Tinto does not currently own.

 

Subject to the satisfaction of certain minimum liquidity and other conditions,
the early advances will be available at any time up to their maturity on 31
December, 2022, and enable TRQ to fund the ongoing development of the Oyu
Tolgoi (OT) Underground Project in Mongolia. The deadline in the previously
agreed funding plan for Turquoise Hill to conduct an initial equity offering
of at least $650 million has also been extended from the end of August 2022 to
the end of 2022.

 

Rio Tinto Canadian early warning disclosure

 

Rio Tinto currently beneficially owns 102,196,643 common shares of Turquoise
Hill, representing approximately 51% of the issued and outstanding common
shares of Turquoise Hill. Rio Tinto also has anti-dilution rights that permit
it to acquire additional securities of Turquoise Hill so as to maintain its
proportionate equity interest in Turquoise Hill from time to time.

 

This announcement is authorised for release to the market by, and a copy of
the related early warning report may be obtained from, Rio Tinto's Group
Company Secretary.

 

The head office of Turquoise Hill is located at 1 Place Ville-Marie, Suite
3680, Montreal, Quebec, Canada H3B 3P2.

 

Additional disclosures

 

This press release does not constitute an offer to buy or sell or the
solicitation of an offer to sell or buy any securities. Any offers,
solicitations or offers to buy, or any sales of securities will be made in
accordance with registration and other requirements under applicable law.

 

Forward-Looking Statements

 

This press release includes "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included in this release, are
forward-looking statements. The words "intend", "forecast", "project",
"anticipate", "estimate", "plan", "believes", "expects", "may", "should",
"will", "target", "pursue", "seek" or similar expressions, commonly identify
such forward-looking statements. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Among the factors that could cause actual results
to differ materially include, but are not limited to, those relating to
whether any agreement will be executed, or whether this or any other
transaction will be consummated. Rio Tinto expressly disclaims any obligation
or undertaking (except as required by applicable law, the UK Listing Rules,
the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority and the Listing Rules of the Australian Securities Exchange) to
release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in its expectations with regard thereto
or any change in events, conditions or circumstances on which any such
statement is based. All information provided in this press release, including
the forward-looking statements herein, speak only as of the date of this press
release.

The person responsible for arranging the release of this announcement on
behalf of Rio Tinto plc is Steve Allen, Group Company Secretary.

 

LEI: 213800YOEO5OQ72G2R82

Classification: 3.1 Additional regulated information required to be disclosed
under the laws of a Member State.

 

 

 Contacts  Please direct all enquiries to media.enquiries@riotinto.com

 

 Media Relations, UK         Media Relations, Australia

 Illtud Harri                Jonathan Rose

 M +44 7920 503 600          M +61 447 028 913

 David Outhwaite             Matt Chambers

 M +44 7787 597 493          M +61 433 525 739

 Media Relations, Americas   Jesse Riseborough

 Matthew Klar                M +61 436 653 412

 T +1 514 608 4429

                             Investor Relations, Australia

 Investor Relations, UK      Amar Jambaa

 Menno Sanderse              M +61 472 865 948

 M: +44 7825 195 178

 David Ovington

 M +44 7920 010 978

 Clare Peever

 M +44 7788 967 877

 Rio Tinto plc               Rio Tinto Limited

 6 St James's Square         Level 7, 360 Collins Street

London SW1Y 4AD

United Kingdom             Melbourne 3000

 T +44 20 7781 2000          Australia

Registered in England

 No. 719885

                             T +61 3 9283 3333

                             Registered in Australia

                             ABN 96 004 458 404

 

This announcement is authorised for release to the market by Steve Allen, Rio
Tinto's Group Company Secretary.

 

riotinto.com

 

 

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